A consortium of major food companies has joined IBM in a blockchain collaboration to boost consumer confidence in the food supply chain.
The consortium includes Nestlé, Tyson Foods, Unilever, Walmart and many more. They will work alongside IBM to identify new areas where the global supply chain can benefit from blockchain.
Blockchain is defined as “a continuously growing list of records, called blocks, which are linked and secured using cryptography”.
Now this major industry collaboration want to explore how this disruptive technology can be used to make the supply chain safer.
Blockchain can be used to improve food traceability by providing trusted information on the origin and state of food.
The technology established a trusted environment for all transactions. So, all participants in the supply chain can gain permissioned access to trusted information regarding the origin and state of food for their transactions.
This can enable food providers and other members of the ecosystem to use a blockchain network to trace contaminated product to its source in a short amount of time to ensure safe removal from store shelves and stem the spread of illnesses.
“Unlike any technology before it, blockchain is transforming the way like-minded organizations come together and enabling a new level of trust based on a single view of the truth,” said Marie Wieck, General Manager, IBM Blockchain.
She added: “Our work with organisations across the food ecosystem, as well as IBM’s new platform, will further unleash the vast potential of this exciting technology, making it faster for organizations of all sizes and in all industries to move from concept to production to improve the way business gets done.”